Friederike Ernst, co-founder of Gnosis, stated that the regulatory framework in the U.S. Clarity Act for Digital Asset Markets could give large financial institutions greater control in the crypto market. She pointed out that some provisions of the act assume market activity needs to be conducted through centralized intermediaries, which could weaken the role of blockchain users as network participants and stakeholders. Ernst believes that if there is too much reliance on institutional intermediaries, users may revert to being "customers renting financial technology services" rather than actual participants in the network. However, she also noted that the act clarifies the regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to some extent and provides some protection for peer-to-peer trading and self-custody. Currently, the Clarity Act faces controversy in Congress, with the main disagreement focusing on the distribution of stablecoin yields. Alex Thorn, head of research at Galaxy Digital, previously stated that if the bill fails to advance before April 2026, its probability of passage will significantly decrease. (Cointelegraph)